Chinese wireless provider China Unicom (CHU Quote) said Monday it will acquire fixed-line services company China Netcom (CN Quote) as part of the first step in the country's reshuffling of its telecom shops.
The nearly $24 billion stock-swap deal comes one week after Chinese officials announced a plan to merge six state-owned phone providers into three in a move designed to offer more competition for China Mobile (CHL Quote), which has the largest subscriber count in the world at nearly 400 million. "The merger between Unicom and Netcom is in line with the industry trend of convergence between fixed-line and wireless businesses," said China Unicom in a statement. "Unicom management believes that the restructuring will be a new starting point for Unicom's development in the future."China Watch: Telecom Revamp Explained |
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